Key Notes from Proactive Results Interview - 09 Dec 2021

[DipSard]

Notes from Proactive Results Interview - 09 Dec 2021

Interview: https://www.youtube.com/watch?v=gM11O8P ... WL&index=1

RNS link: - https://polaris.brighterir.com/public/g ... ry/x52300x

Link to download file: https://gofile.io/d/nYvaLt

*Drilling update on Havieron, some more strong results and potential for an upgrade to the resource, give us an overview?
- Another stunning set of results, 22 intercepts all hitting mineralisation.
- Combination of growth and infill drilling.
- Infill drilling continued to go through that South East Crescent where continuity is extraordinarily strong and observed really long intercepts throughout the SE crescent, also seeing ore as we’re moving into the broader brecciated zone along large expanses.
- Reconfirms the mining and development of the SE Crescent but also starts to show the continuity in respect of developing the larger bulk mine, kind of tells you two positive stories there.
- In addition, intercepts going in over 250m below the existing SE crescent tell you that the SE crescent continues, it’s good grade ore, all going to be sitting on the existing infrastructure we’re going to be putting in, really talks to the growth story.

*Newcrest beginning to test some new targets now, including Havieron North?
- Yes, these are proximal targets sitting on the existing mining lease about 2km north and 1km to the west, separate magnetic and gravity anomalies.
- Really keen to test these, something we’ve wanted to do for the last 3 years, can’t wait to punch into those.
- Could be absolutely transformational, Havieron is already a ginormous ore body, but to have these opportunities in such close proximity is exciting.
- And there are some structures that we want to follow at length in terms of this regional exploration opportunity and that of course flows into our 100% owned Scallywag ground.
- Lots of opportunity here, going to see us invest in the drill bit and run these to ground, I think it’s exciting and with the capital raise lately we have the ability to pursue these.

*How are things on the construction front?
- The construction continues to progress well, will be working through the decline for the next couple of years, bring that onboard for late 2023 to reach the ore body itself. - Going through the Permian zone ahead of getting to that kind of country rock.
- As we continue to progress, you’re seeing vent rises coming in and the infrastructure around the decline starting to be generated as well, will continue to move that forward.

*And the Feasibility Study also moving forward?
- The Feasibility Study is a particularly positive aspect to this, already flagged an initial base case for a 2 million ton per annum (MPTA) sub-level open stope operation (SLOS) in the Pre-Feasibility Study.
- This study is going to take that to 3 MPTA through the next round, so you’re already growing it by 50 percent.
- In addition to that if I take it back to the announcement, you’re seeing the continuity of the SE crescent. That is going to give us the opportunity to improve the resource upgrade information up to indicated and that brings more material into the mine plan.
- Then we’re seeing the intercepts beneath, this can grow substantially and people should have confidence that there is a 90,000m growth drilling campaign moving out to June 2022, there’s a lot of activity and opportunity to continue to grow Havieron.

*Heading into 2022, you’ve got 8 drill rigs spinning there, all eyes on the growth opportunity here?
- I think there’s a huge number of catalysts for value as we go into the start of 2022, we’ve got this big 90,000m of growth drilling, which always catches your attention a little bit more than infill.
- Looking at releasing a Sustainability Report which is increasingly important in the market.
- We have the JORC resource and reserve upgrade which is again a huge catalyst for shareholders.
- As people are aware, we’re also looking at the bank debt side of things, some really positive progress there, we’ve received a number of term sheets, some extremely strong term sheets which gives us a lot of positivity about that process.
- What the funding does is give us enough cash balance/working capital. Just like taking out a house or car loan, banks are not going to lend you 100% of the funds, so having that better working capital/cash balance makes it easier for the bank.

*Good to see you Shaun, thanks very much.
- Thanks for your time and we’ve got our Annual General Meeting coming up on Tuesday (14th Dec) so that should be a positive event and Merry Xmas to people as well.